Protocol Revenues Rise 150% as Tech Advertisers Target Policymakers

After the pandemic forced Protocol to lay off nearly one-third of its workforce just two months into operations, its reporting at the intersection of technology and policy has since proven fruitful. The advertising-supported publisher saw its 2021 revenue grow 150% from its 2020 figures, though it declined to share specific numbers. Protocol plans to add 25 new positions this year—bringing its total headcount to 80—and it launched three new newsletters this week: Climate, Policy and Entertainment. Despite reaching a relatively small audience of 1.2 million monthly readers, Protocol has benefitted from its close ties to Politico and the desirability of its readership, a blend of tech executives and D.C. policymakers, said president Bennett Richardson. The publisher, which turns two years old next month, has worked with more than 120 advertising partners, including companies like Qualcomm, Zoom, Intel, Atlassian and Facebook. “Protocol is the only tech publication where you can reach an influential tech- and business-leader audience, as well as a significant policy audience,” Richardson said. “That tech and innovation context is very valuable to advertisers, both those focused on public affairs as well as brand and reputation.” Advertiser interest in Protocol reflects the growing attention paid by the tech sector to the world of policymaking, said Ben Coffey Clark, founding partner at media agency Bully Pulpit Interactive, which ran both digital media campaigns for former President Obama. As a direct conduit to an audience of tech professionals and political operatives, Protocol has capitalized on the value of its readership. Publishers Are Launching and Expanding ‘Future of Work’ Coverage Newsletter ads, sponsored content and event partnerships Protocol generates revenue exclusively from advertising, which falls into three buckets: newsletters, sponsored content and event partnerships. Its 11 free newsletters reach a combined audience of over 200,000, and its largest offering, Source Code, reaches 50,000 free readers daily, according to the publisher. More than 30% of Protocol’s revenue comes from its brand content and 10% comes from its events. It also hosted 40 virtual events in 2021 that attracted more than 10,000 total attendees, Richardson said. The publisher plans to introduce a premium subscription product in the future—a model similar to Politico's successful hybrid consumer and business professional audience—though it will not do so this year. Tech advertisers are spending to influence and educate The Protocol audience––an even mix of business, technology and policy professionals––has made it an attractive platform for companies looking to reach decision-makers in the tech world or directly adjacent to it, said Jeremy Skule, chief strategy officer of Nasdaq. The publisher reports on the industry in a way that is intelligible to non-technical readers, using accessible language and spelling out complex news in digestible terminology, Skule said. This makes it an effective vehicle for influencing a senior audience across a broad spectrum of technical expertise. “In terms of audience, from a recruitment standpoint we want to reach developers and engineers, but from an education standpoint, we want to reach legislators, regulators and things of that nature,” Skule said. “So when [Richardson] came to us and told us the focus of Protocol, it seemed to play very nicely with the audiences Nasdaq is focused on.” Bully Pulpit Interactive has spent in the mid six-figures on Protocol advertising over the last year and was a launch partner for the publication when it debuted, Clark said. Protocol’s relationship with Politico helped convince the media agency to support the new venture initially—and its influence on policymakers has ensured the publisher is a fixture of its media mix. “If you're a regulator or in charge of briefing your member of Congress on some obscure tech issue, these staffers have to find good, quality information to understand the landscape,” Clark said. “Long-form, in-depth stuff is just as good as reporting that condenses and synthesizes.” Axel Springer Announces Acquisition of News Site Politico As the economic influence of the tech industry grows, it will no doubt continue to look for avenues to communicate with the people in charge of drafting policy and making key business decisions. “We are not a consumer publication; we are not reviewing products. We are a professional publication for decision-makers that helps leaders in tech, business and policy do their job,” Richardson said. “That focus of having actionable journalism is really valuable to a lot of advertisers.”